Bright is a crucial money-management tool. Bright is a tool that enables users to pay off credit card debt, save money, and raise their credit score. The program, often referred to as Bright Money, employs artificial intelligence to direct users toward making more informed financial decisions.
Bright takes a different approach, emphasizing first and foremost debt management assistance before focusing on other aspects of financial guidance, such as money management.
CLICK TO REGISTER BRIGHT MONEY
CLICK TO REGISTER BRIGHT MONEY
HOW TO SIGN UP
The steps to sign up for Bright Money are as follows:
- Visit the Bright Money and follow the instructions for applying.
- Type your email address and select Get Started.
- Click Continue to read the company’s testimonials and business cards. Hit Yes, let’s proceed.
- Respond to the questions to create a financial plan that is unique to you. Select Continue.
- Type in your phone number and confirm it.
- To create an account, provide your personal data, including your name and birthdate.
To get started right away, download the Bright Money app from the Apple App Store or Google Play Store.
CLICK TO REGISTER BRIGHT MONEY
CLICK TO REGISTER BRIGHT MONEY
PRICING
Bright used to provide a free plan with restricted functionality, but the program now demands a monthly fee. If you sign up for an annual plan, the monthly cost is $6.99; if you choose a six-month plan, the monthly cost is $8.99. The price is $14.99 per month if you wish to use the app on a rolling basis. However, each plan offers a free 10-day trial.
HOW DOES BRIGHT MONEY WORK?
Bright uses a data-driven system called Money Science for personal money management. It learns about your finances to design a financial plan tailored to your situation. It calculates a specific amount of money to collect every two to three days from your checking account. The calculation carefully considers:
- Minimum payments due.
- Balances across all your credit card accounts.
- Potential interest savings in relation to paying down debt.
- How much extra cash you can afford to contribute toward reducing your balances.
The funds are kept in your Bright Account and then used to pay for purchases made with credit cards. At any moment, you can transfer money that Bright has on deposit back to your checking account. Additionally, you can set a low-balance limit to stop Bright from taking further withdrawals from your account and limit the amount of money Bright moves from your account each month. Bright’s AI dynamically modifies the amount it withdraws from your account each week as it gains more insight into your spending patterns.
CLICK TO REGISTER BRIGHT MONEY
CLICK TO REGISTER BRIGHT MONEY
IS BRIGHT MONEY SAFE TO USE?
Your money and information are safe with Bright. It uses Plaid, a financial services company, to connect your banking and credit card information. Plaid uses multilayered security, including end-to-end data encryption and multifactor authentication.
And the money that Bright withdraws and stores in your Bright Account to pay your credit card bills is FDIC-insured. So your cash is always safe.
ADVANTAGES OF BRIGHT MONEY
Here are five things that make Bright Money unique:
- Avoid late fees. Bright handles your credit card payments, so they’re paid on time.
- Helps reduce card balances. Bright Money optimizes debt repayment by considering multiple variables, including your credit card balances and how to save the most in interest.
- Convenient. Since everything is automated, Bright Money helps you pay off debt without thinking about it. Its algorithm studies your spending habits to transfer funds from your checking account every few days, so you don’t feel such a big pinch when it comes time to pay the bills.
- 24/7 customer support. Bright Money has a real person standing by around-the-clock on chat support. You can also email support@brightmoney.co or call 856-832-6419 weekdays from 9 a.m. to 7 p.m. ET.
- Bright Savings. Create savings goals, and Bright will automatically set aside funds for you.
CLICK TO REGISTER BRIGHT MONEY
CLICK TO REGISTER BRIGHT MONEY
DISADVANTAGE OF BRIGHT MONEY
Consider these drawbacks before committing to a Bright subscription:
- Monthly fee. Bright requires a monthly fee ranging from $6.99 to $14.99, but all plans include a 10-day free trial.
- Only supports credit cards. While Bright takes on credit cards repayments like a champ, it can’t help you if you have other financial liabilities, including personal loans, student loans car loans and mortgages.
- Limited website platform. Bright Money’s website platform is still in Beta with no timeline of an official release. We spoke with a customer service rep who explained that Bright is headed toward an app-only service and will eventually discontinue support for its web-based service. Plus, since its website and app are two independent systems, your info won’t sync to transfer.
- Not foolproof. While not all users experience bugs, some customers reported that Bright missed their credit card due date, which resulted in late fees. Others claimed that Bright withdrew too much money that caused their account to overdraw. And one reviewer said that Bright accidentally overpaid a credit card that had a $0 balance.
CLICK TO REGISTER BRIGHT MONEY
CLICK TO REGISTER BRIGHT MONEY
